THE CONDO BOOK PROJECT

406 Prospect Place Condominium

406 Prospect Place, Brooklyn, NY 11238

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Overview

Units
2 residential · 1 commercial
Subway
6 min walk to Park Pl SEastern Pkwy-Brooklyn Museum 2 3, 9 min
Principals
Shlomo Avdoo, Robert Loheit
Average $/sf
$1,502Homes in Schedule A, as first offered
Offering price
$3.15 million total $3.05 million when first offered

The sponsor of record is Grand Prospect Group LLC, represented by Marans Newman Tsolis & Nazinitsky LLC. The offering plan runs 319 pages. The sponsor has filed 2 amendments, the latest in August 2024. The nearest other condo plan on file is 630 Grand Avenue Condominium, next door.

Plan CD230044 · Rehab · accepted Oct 19, 2023 · AG record ↗

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FigureThis building1189 Prospect Place22 units · 0.4 miaccepted 2023Six Garfield Place33 units · 1.1 miaccepted 2024
Common ChargesPer Square Foot / Month$1.07Above peers$0.19$0.97
Average Offering PricePer Apartment$1.57MBelow peers$3.88M$1.84M
Average PricePer Square Foot$1,502In line$1,470$1,584
Average Unit SizeSquare Feet1,049 SFSmaller2,636 SF1,163 SF

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Unit mix, closings, budgets, finishes and the team, against 189 Prospect Place and Six Garfield Place, cited to the offering plans. No credit card required.

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How We Got This
  • Comps: the closest Brooklyn plans on size, $/SF and launch date, within 2 miles when possible.
  • Figures: each building's own offering plan, filed with the NY Attorney General. Nothing is estimated.
  • Checked: a price list publishes only when its math adds up, and building pages cite the plan pages.
  • Labels: In line is between the comps; Below/Above peers is past both by up to 15%; Lowest/Highest by more.

Closings Pro

Homes closed100% of the homes in Schedule A2 of 2
Closing prices vs. Schedule A2 homes: $3,005,000 at closing against $3,150,000 in Schedule A (p. 47)−4.6%
Average closing price2 homes, on their Schedule A square feet$1,433 / SF
Closingsfirst and latest recordedFeb 6, 2024 – Jun 6, 2024

Sales recorded with the Department of Finance (ACRIS) through Apr 30, 2025: deeds, or transfer tax filings for a building on leased land, of $10,000 or more. A home's first sale since the plan was filed is the sponsor's closing; resales aren't counted. Closing prices are compared with the same home's Schedule A price, as first offered; a deed covering more than one home isn't compared. Amendments often change prices before a home closes, and a deed that includes parking or storage counts its full price. ACRIS records a sale weeks after closing, so recent contracts don't appear yet. Every building's sales.

All 2 closings
HomeRecordedClosing priceSchedule ADifference
2Feb 6, 2024$1,180,000$1,200,000 p. 47−1.7%
3Jun 6, 2024$1,825,000$1,950,000 p. 47−6.4%

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Every home's recorded closing price against its Schedule A price, with the ACRIS document and the plan page.

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Budget

From our research: The Sponsor's Condo-Creation Fee in NYC · NYC Condo Insurance Costs Are Rising · Condo Supplies Cost per Unit, by Size

Team

Sponsor
Grand Prospect Group LLC
Principals
Shlomo Avdoo, Robert Loheit
Tax estimate
Property Tax ProfessionalPrepared the first-year real estate tax projection

From our research: Do NYC Developers Rehire the Same Firms?

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